(A) Before engaging in the business of purchasing second hand items containing precious metals, a dealer shall post a bond with the Clerk-Treasurer in an amount determined by the municipality either with a surety company licensed to do business in the state, or in cash.
(B) The bond required in this chapter shall be for a term of one year following the cessation of doing business in precious metals. Such bond shall enure to the benefit of the municipality or to any person who shall be injured or sustain damages approximately caused by the failure to comply with the terms of this chapter by any precious metals dealer, canvasser, solicitor, or other agent or employee of such dealer.
Penalty, see § 112.99